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Registered number: 04420286










PINELOG GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 OCTOBER 2023

 
PINELOG GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
Nicholas M H Grayson BSc (Hons) - Executive Chairman 
Lyndsey F Grayson BA (Hons) - Director 
Beverley A Grayson - Non-executive 
James W Berresford BA (Hons), Dip Arts Admin - Non-executive 
Mark Randall BA (Hons) FCA 




Company secretary
Mark Randall BA (Hons) FCA



Registered number
04420286



Registered office
Darwin Forest Country Park
Darley Moor

Two Dales

Matlock

Derbyshire

DE4 5PL




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA








Bankers
Lloyds Bank plc
116 Wellington Street

Leeds

West Yorkshire

LS1 4LT








Solicitors
Knights plc
Commercial House

14 Commercial Street

Sheffield

South Yorkshire

S1 2AT





 
PINELOG GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of income and retained earnings
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of cash flows
 
13
Notes to the financial statements
 
14 - 29


 
PINELOG GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 OCTOBER 2023

The directors present their strategic report on the Group for the year ended 29 October 2023.

Business review
 
The results for the Group are set out in the consolidated profit and loss account on page 10 and they show a profit before tax of £2,741,000 (2022: £2,476,000) for the year and turnover of £14,145,000 (2022: £13,512,000). 
We are delighted that both Pinelodge Holidays’ parks retained the Visit England 5 Star Holiday Park standard and were also awarded the Gold award. The parks also retained the prestigious Green Key accreditation for our environmental commitments.  Both parks continue to receive excellent Trip Advisor reviews and Feefo scores.  Darwin Forest’s high Feefo scores alongside its low customer complaints ratio was also recognised by our booking agent Hoseasons at their recent Diamond Awards who named Darwin Forest the ‘Best in Britain’ in the large parks category.   
At Pinelodge Holidays both the level of business and the year-end financial position were satisfactory and the directors expect that the present level of activity will be sustained for the foreseeable future. The two lodge holiday parks, Darwin Forest and Sandybrook, both award winning resorts, have each performed well in terms of occupancy, revenue and profits. 
Pinelog continues to actively seek to recruit skilled and semi-skilled trades to supplement its existing team in order to increase production capacity in its new home. This will allow it to both cater for the needs of external customers and also provide updated replacement Pinelodges for its sister company’s holiday parks.

Principal risks and uncertainties
 
The management of the business and the execution of the Group's strategies are subject to a number of risks. The key business risks affecting the Group in the post COVID-19 pandemic world are the Cost of Living Crisis as well as the appetite for consumers to take UK vacations. Price inflation has been dramatic for certain commodities, and we have been subjected to large increases in energy costs. 
General UK economic conditions are always of concern as they impact upon the markets for timber leisure buildings, be they for use as second homes or short term holiday destinations.
 
The long-term effect of increases in the National Living Wage continues to be a concern to the businesses.

Page 1

 
PINELOG GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023

Key performance indicators (financial and non-financial) - ("KPIs")
 
A summary of the Group's key financial performance indicators year on year to 29 October 2023 is as follows:
- Consolidated Group turnover increased 4.7% to £14.1m
- Operating profit remained at £2.6m
- EBITDA (earnings before interest, tax, depreciation and amortisation) increased slightly to £3.5m from £3.4m.
Group strategy
The Group is committed to ensuring that it's business operations take account of the environment. The provision of a quality product or holiday with a high level of customer service enables the Group to add value to customers which in turn encourages a high level of repeat business.
Protection of the natural environment is an important part of the Group's strategy and in recognition of this, Pinelodge Holidays retained its Green Key accreditation and has continued to receive the David Bellamy Gold Conservation Award at both of our parks for the work done to protect and enhance the natural environment.


This report was approved by the board on 11 March 2024 and signed on its behalf.




................................................
Mark Randall
Company Director

Page 2

 
PINELOG GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 OCTOBER 2023

The directors present their report and the financial statements for the year ended 29 October 2023.

Principal activities

The subsidiaries are principally engaged in the manufacture and installation of timber leisure buildings and the owning and operating of holiday letting businesses. The principal activity of the parent Company is the provision of management services to group companies.
Pinelog Limited's principal activity is the design, manufacture, installation and sale of timber leisure buildings including a proportion for a fellow group company.
Pinelodge Holidays Limited owns and operates two holiday letting parks with Pinelodges which are held as fixed assets. The two holiday letting parks are Darwin Forest and Sandybrook. In order to fund the capital requirements vital for expansion of the holiday letting business, the directors have pursued a policy under which, from time to time, a proportion of the holiday letting Pinelodges are sold as investments to private owners who then employ Pinelodge Holidays Limited to let and operate the Pinelodges on their behalf. On occasions private owners pay Pinelodge Holidays Limited to upgrade their Pinelodges. Profits have been achieved on sales of Pinelodges, some which which had previously been held as fixed assets, and on the resale of Pinelodges taken as part exchange. When opportunities arise, and it is considered expedient to do so, Pinelodge Holidays Limited will buy lodges back from private owners. 

Results and dividends

The profit for the year, before tax, amounted to £2,741,000 (2022: £2,476,000).

The profit for the year, after taxation, amounted to £2,024,000 (2022: £1,481,000).

The parent Company paid interim dividends in the year totalling £655,000 (2022: £875,000). No final dividend was paid in respect of the year ended 29 October 2023 (2022: £nil).

Directors

The directors who served during the year were:

Nicholas M H Grayson BSc (Hons) - Executive Chairman 
Lyndsey F Grayson BA (Hons) - Director 
Beverley A Grayson - Non-executive 
James W Berresford BA (Hons), Dip Arts Admin - Non-executive 
Mark Randall BA (Hons) FCA 

The parent Company is wholly owned by the Grayson family either directly or through graysonfavour limited, a company wholly owned by the Grayson family.

Page 3

 
PINELOG GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Engagement with employees

Employees are made aware of the financial and economic factors affecting the achievements of the Group companies for which they work and the way in which their personal contributions are of fundamental importance to the further success of the business.

Disabled employees

The Group has equal opportunities policies in place which are applied to job applicants and existing employees.
Full and fair consideration is given to the employment of disabled persons and the Group has made, and will continue to make, every effort to retain and assist any individuals disabled in the course of their employment and to help with their rehabilitation.

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2016. This indemnity does not provide cover in the event of a director acting fraudulently.

Page 4

 
PINELOG GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 March 2024 and signed on its behalf.
 




................................................
Mark Randall
Company Director

Page 5

 
PINELOG GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED
 

Opinion


We have audited the financial statements of Pinelog Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 October 2023, which comprise the Consolidated Statement of income and retained earnings, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 October 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
PINELOG GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PINELOG GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and
through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; an
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed the general ledger entries during the year to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.


 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
considering relationships with HMRC and other relevant regulators; and
reviewing legal and professional costs to identify any indicators of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
Page 8

 
PINELOG GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINELOG GROUP LIMITED (CONTINUED)


to enquiry of the directors and management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Irvine (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

11 March 2024
Page 9

 
PINELOG GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 29 OCTOBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
14,145
13,512

Change in work in progress
  
53
(10)

Raw materials and consumables
  
(2,376)
(1,688)

Other operating charges
  
(3,509)
(4,021)

Staff costs
  
(4,826)
(4,309)

Depreciation and amortisation
  
(956)
(886)

Profit / (loss) on sale of lodges
  
56
(25)

Operating profit
  
2,587
2,573

Interest receivable / (payable)
 8 
154
(97)

Profit before tax
  
2,741
2,476

Tax on profit
 9 
(717)
(995)

Profit after tax
  
2,024
1,481

  

  

Retained earnings at the beginning of the year
  
13,412
12,806

Profit for the year attributable to the owners of the parent
  
2,024
1,481

Dividends declared and paid
 10 
(655)
(875)

Retained earnings at the end of the year
  
14,781
13,412

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
PINELOG GROUP LIMITED
REGISTERED NUMBER: 04420286

CONSOLIDATED BALANCE SHEET
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
13,803
14,080

Current assets
  

Stocks
 14 
1,767
1,352

Debtors: amounts falling due within one year
 15 
626
709

Cash at bank and in hand
  
6,944
4,509

  
9,337
6,570

Creditors: amounts falling due within one year
 16 
(5,068)
(4,050)

Net current assets
  
 
 
4,269
 
 
2,520

Total assets less current liabilities
  
18,072
16,600

Provisions for liabilities
 17 

Deferred tax
  
(2,223)
(2,120)

Net assets
  
15,849
14,480


Capital and reserves
  

Called up share capital 
 18 
14
14

Capital redemption reserve
 19 
2
2

Other reserves
 19 
1,052
1,052

Profit and loss account
 19 
14,781
13,412

  
15,849
14,480


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2024.




................................................
Nicholas M H Grayson
................................................
Mark Randall
Executive Chairman
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
PINELOG GROUP LIMITED
REGISTERED NUMBER: 04420286

COMPANY BALANCE SHEET
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£000
£000

Fixed assets
  

Investments
 13 
1,931
1,931

Current assets
  

Stocks
 14 
303
-

Debtors: amounts falling due within one year
 15 
196
415

Cash at bank and in hand
  
1,967
2,120

  
2,466
2,535

Creditors: amounts falling due within one year
 16 
(472)
(282)

Net current assets
  
 
 
1,994
 
 
2,253

Total assets less current liabilities
  
3,925
4,184

  

  

Net assets
  
3,925
4,184


Capital and reserves
  

Called up share capital 
 18 
14
14

Capital redemption reserve
 19 
2
2

Other reserves
 19 
5
5

Profit and loss account
 19 
3,904
4,163

  
3,925
4,184


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2024.





................................................
Nicholas M H Grayson
................................................
Mark Randall
Executive Chairman
Company Director


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
PINELOG GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 OCTOBER 2023

29 October
30 October
2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
2,024
1,481

Adjustments for:

Depreciation of tangible assets
956
886

Profit on disposal of tangible assets
(83)
(4)

Interest paid
-
97

Interest received
(154)
-

Taxation charge
717
995

(Increase) / decrease in stocks
(415)
19

Decrease / (increase) in debtors
83
(32)

Increase in creditors
830
387

Corporation tax paid
(426)
(360)

Net cash generated from operating activities

3,532
3,469

Cash flows from investing activities

Purchase of tangible fixed assets
(854)
(1,139)

Sale of tangible fixed assets
258
4

Interest received
154
-

Net cash used in investing activities

(442)
(1,135)

Cash flows from financing activities

Repayment of loans
-
(4,500)

Dividends paid
(655)
(875)

Interest paid
-
(97)

Net cash used in financing activities
(655)
(5,472)

Net increase / (decrease) in cash and cash equivalents
2,435
(3,138)

Cash and cash equivalents at beginning of year
4,509
7,647

Cash and cash equivalents at the end of year
6,944
4,509


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,944
4,509


Page 13

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

1.


General information

Pinelog Group Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Darwin Forest Country Park, Darley Moor, Two Dales, Matlock, Derbyshire, DE4 5PL. Itsregistered number is 04420286.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The financial statements are presented in Pounds Sterling and have been rounded to thousands.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 03 November 2014.

Page 14

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue recognition

For Pinelodge Holidays Limited, turnover represents the invoiced value of Pinelodge rental income and associated services.
For Pinelog Limited, turnover on long-term contracts represents total costs incurred (including an appropriate proportion of production overheads), plus attributable profits. A prudent estimate of the profit attributable to work completed is recognised once the outcome of the contracts can be determined with reasonable certainty. Provision is made for losses on long-term contracts as soon as such losses become apparent.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method (except where stated).

Depreciation is provided on the following basis:

Freehold buildings and services
-
range of 2% to 5%
Plant, equipment and tools
-
range of 20% to 50%
Motor vehicles
-
25%
Fixtures and fittings
-
range of 7.5% to 33%
Pinelodges
-
5.2% (reducing balance method)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Where fixed assets are acquired second hand, the remaining useful economic life is assessed for each asset and the cost less estimated residual value is written off over this period.
Leasehold land and buildings are amortised over 50 years or, if shorter, the period of the lease. Freehold land and assets in the course of construction are not depreciated. Profit or loss on sale of fixed assets includes amounts realised on the sale of Pinelodges that had been previously held for rental.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Page 16

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Short-term contract work in progress is valued at cost less any provisions for foreseeable losses. Cost comprises direct expenditure together with an appropriate proportion of production overheads. Progress payments certified and receivable by the year end are deducted from work in progress balances; where progress payments exceed work in progress balances the net amount is included in current liabilities as payments on account.
Long-term contract balances are included in the balance sheet at the value of turnover less the value of progress payments certified and receivable. Where turnover exceeds progress payments the net balance is included in debtors as amounts recoverable on contracts; where progress payments exceed work in progress balances the net amount is included in current liabilities as payments on account.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Pinelodge Holidays Limited lodge inventories are stated at 67% of their original cost, which is estimated by the directors to represent their net realisable value.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of income and retained earnings.

Page 17

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

The parent company and subsidiary companies are members of the Pinelog Group - Legal & General Stakeholder scheme, a defined contribution scheme. The amounts payable for the year are charged to the profit and loss account as incurred. 
The Group provides no other post-retirement benefits to its employees.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Current and deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The key judgements and sources of estimation uncertainty are:
The useful economic lives and residual values of tangible fixed assets, which have been calculated by the directors based on their experience of the industry.
At each reporting date, assets held as stock are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Turnover from construction contracts is recognised so as to ensure that an appropriate level of profit is recognised based on the stage of completion of the contract. Profit is only recognised once a final forecast profit on a contract can be reliably estimated. Where a contract is expected to be loss making, that loss is recognised in full. Key assumptions are made regarding the stage of completion, future costs to complete and the collectability of billings on construction contracts.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Sale of timber leisure buildings
3,106
2,155

Rental income and associated services
11,039
11,357

14,145
13,512


Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
14,145
13,512


All turnover arose within the United Kingdom.

Page 20

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7
6

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Company
23
19

All non-audit services not included above
5
5


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£000
£000


Wages and salaries
4,232
3,757

Social security costs
315
274

Cost of defined contribution pension schemes
279
277

4,826
4,308


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Holiday letting
215
216



Timber leisure building
38
32



Group
8
9

261
257

Page 21

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

7.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
320
273

Group contributions to defined contribution pension schemes
189
194

509
467


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £111,000 (2022 - £105,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £66,000 (2022 - £91,000).


8.


Interest receivable / (payable)

2023
2022
£000
£000


Bank interest receivable / (payable)
154
(97)


9.


Tax


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
614
414

Adjustments in respect of previous periods
-
(11)


Total current tax
614
403

Deferred tax


Origination and reversal of timing differences
96
99

Adjustments in respect of previous periods
7
9

Change to tax rates
-
484

Total deferred tax
103
592

Taxation on profit
 
717
 
995
Page 22

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
 
9.Tax (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.5% (2022 -19%). The differences are explained below:

2023
2022
£000
£000


Profit before tax
2,741
2,476


Profit multiplied by standard rate of corporation tax in the UK of 22.5% 
(2022-19%)
618
470

Effects of:


Expenses not deductible for tax purposes
65
43

Adjustments to tax charge in respect of prior periods
7
(2)

Change of rate of tax for deferred tax
27
484

Total tax charge for the year
717
995


10.


Dividends

2023
2022
£000
£000


Dividends
655
875


11.


Parent Company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The profit after tax of the parent Company for the year was £396,000 (2022 - £58,000 profit).

Page 23

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

12.


Tangible fixed assets

Group








Freehold property
Short-term leasehold property
Pinelodges
Plant and equipment
Total

£000
£000
£000
£000
£000



Cost


At 31 October 2022
10,853
898
9,358
2,020
23,129


Additions
111
57
568
118
854


Disposals
-
-
(375)
(50)
(425)



At 29 October 2023

10,964
955
9,551
2,088
23,558



Depreciation


At 31 October 2022
4,771
113
2,670
1,495
9,049


Charge for the year on owned assets
340
59
385
172
956


Disposals
-
-
(200)
(50)
(250)



At 29 October 2023

5,111
172
2,855
1,617
9,755



Net book value



At 29 October 2023
5,853
783
6,696
471
13,803



At 30 October 2022
6,082
785
6,688
525
14,080

The category plant and equipment includes plant and machinery, small tools, fixtures and fittings,     motor vehicles, computer and office equipment and display buildings. The parent Company held no tangible fixed assets (2022: £nil).

Page 24

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

13.


Fixed asset investments

Company








Investments in subsidiary companies

£000



Cost and net book value


At 31 October 2022
1,931



At 29 October 2023
1,931





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Pinelog Limited
Leisure buildings
Ordinary £1
100%
Pinelodge Holidays Limited
Lodge holidays
Ordinary £1
100%
Pinelog Trustees Limited
Dormant
Ordinary £1
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Pinelodge Limited
Dormant
Ordinary £1
100%
Pinelog Rentals Limited
Dormant
Ordinary £1
100%
Plus Design and Build Limited
Dormant
Ordinary £1
100%

All of the above Companies are incorporated in Great Britain and registered in England and Wales, with the same registered office address as Pinelog Group Limited.

Page 25

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

14.


Stocks

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£000
£000
£000
£000

Raw materials and consumables
523
476
-
-

Work in progress (net costs less foreseeable losses)
278
231
-
-

Lodge inventories
663
645
-
-

Finished goods - lodges
303
-
303
-

1,767
1,352
303
-



15.


Debtors

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£000
£000
£000
£000


Trade debtors
168
395
-
-

Amounts owed by group undertakings
-
-
125
349

Other debtors
20
22
20
21

Prepayments and accrued income
438
292
28
10

Deferred taxation
-
-
23
35

626
709
196
415


Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.

Page 26

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

16.


Creditors: Amounts falling due within one year

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£000
£000
£000
£000

Payments received on account
27
64
-
-

Trade creditors
523
512
-
-

Amounts owed to group undertakings
-
-
184
-

Corporation tax
312
124
11
-

Other taxation and social security
529
454
20
9

Other creditors
121
83
-
8

Accruals and deferred income
3,556
2,813
257
265

5,068
4,050
472
282


Cross guarantees and debentures in favour of Lloyds Bank plc are in place as security for bank overdraft and loan facilities granted to the parent Company and its subsidiaries. There were no such bank overdrafts or loans in existence at 29 October 2023.
Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.


17.


Deferred tax


Group



2023
2022


£000

£000






At beginning of year
2,120
1,528


Charged to profit or loss
103
592



At end of year - deferred tax liability
2,223
2,120

Page 27

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023
 
17.Deferred tax (continued)

Company


2023
2022


£000

£000






At beginning of year
35
16


Charged to profit or loss
(12)
19



At end of year - deferred tax asset
23
35

The provision for deferred tax is made up as follows:

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£000
£000
£000
£000

Accelerated capital allowances
1,864
1,779
-
-

Revaluations
(31)
(31)
-
-

Capital gains held over
418
418
-
-

Short term timing differences
(28)
(46)
(23)
(35)

2,223
2,120
(23)
(35)


18.


Share capital

29 October
30 October
2023
2022
£000
£000
Allotted, called up and fully paid



1,385,701 (2022 - 1,385,701) Ordinary shares of £0.01 each
14
14



19.


Reserves

Other reserves

Of the other reserves, £1,047,000 (2022: £1,047,000) represents the difference between the cost of the acquisition of PinelogLimited and the nominal value of its share capital and capital reserves (2022: £1,047,000) which is non-distributable. Of the remainder, £5,000 (2022: £5,000) relates to the retained profit of the employee share trust that is a non-distributable reserve. In addition there is a capital redemption reserve created in the year ended 1November 2015 totalling £2,000 (2022: £2,000).

Page 28

 
PINELOG GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023

20.


Contingent liabilities

The parent Company has given guarantees in respect of bank borrowings of certain group undertakings. At 29 October 2023 borrowings covered by these guarantees amounted to £NIL (2022: £NIL). At that date the parent Company had cash balances of £1,967,000 (2022: £2,120,000) and a bank overdraft of £NIL (2022: £NIL). At that date the net bank balances of all group undertakings within the Group banking arrangement amounted to net cash of £6,944,000 (2022: net cash £4,509,000). In the opinion of the directors no loss will arise in connection with these guarantees.
The parent Company has entered into a group VAT registration. At 29 October 2023 the parent Company's contingent liability under this arrangement in respect of VAT liabilities amounted to £439,000 (2022: £371,000). In the opinion of the directors no loss will arise in connection with these matters.  


21.


Pension commitment

The Group is a member of the Pinelog Group - Legal & General Stakeholder scheme, a defined contribution pension scheme, with the assets of the scheme held separately to those of the Group in an independently administered fund. Total Group contributions for the year ended 29 October 2023 were £279,000 (2022: £277,000). At the year end contributions of £45,000 (2022: £32,000) were payable to the fund and are included in accruals.


22.


Commitments under operating leases

At 29 October 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£000
£000
£000
£000

Not later than 1 year
229
211
37
-

Later than 1 year and not later than 5 years
770
776
29
-

Later than 5 years
1,622
1,839
-
-

2,621
2,826
66
-

23.


Controlling party

The parent Company is wholly owned by the Grayson family either directly or through graysonfavour Limited, a company wholly owned by the Grayson family.

Page 29